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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, DC 20549
 FORM 11-K
 þ
    
    Annual report pursuant to Section 15(d) of the Securities and Exchange Act of 1934
 for the year ended December 31, 2010.
 o
    
    Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934
 for the transition period from  to
 Commission file number: 001-12297
  Penske Automotive Group 401(k) Savings and Retirement Plan
  Penske Automotive Group, Inc.
2555 Telegraph Road
Bloomfield Hills, MI 48302-0954




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Penske Automotive Group 401(k) Savings and Retirement Plan
 Table of Contents
 PageFinancial Statements and Supplemental ScheduleReport of Independent Registered Public Accounting Firm
    
    
    1Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009
    
    
    2Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2010
    
    
    3Notes to Financial Statements
    
    
    4Supplemental Schedule*Form 5500, Schedule H, Part IV, Line 4i  Schedule of Assets (Held at End of Year)
    
    
    11*     All other schedules required by Section 2520 103-10 of the Department of Labors Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of
1974 have been omitted because they are not applicable.SignaturesIndex to ExhibitsExhibit 23




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
      
  1




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Penske Automotive Group 401(k) Savings and Retirement Plan
 
 Statements of Net Assets Available for Benefits
 December 31, 2010 and 2009
 December 31,2010
    
    
    2009Assets:Investments
    
    $
    192,790,040
    
    
    $
    167,794,493Receivables:Participant contributions
    
    
    2,036,382
    
    
    
    1,655,421Employer contributions
    
    
    1,138,524
    
    
    
    Due from broker
    
    
    159,003
    
    
    
    191,545Notes receivable from participants
    
    
    9,922,818
    
    
    
    9,481,555Total receivables
    
    
    13,256,727
    
    
    
    11,328,521Total assets
    
    
    206,046,767
    
    
    
    179,123,014Liabilities:Participant refunds payable
    
    
    91,304
    
    
    
    282,376Due to broker
    
    
    158,976
    
    
    
    190,822Total liabilities
    
    
    250,280
    
    
    
    473,198Net assets available for benefits at fair value
    
    
    205,796,487
    
    
    
    178,649,816Adjustment from fair value to contract value
for fully benefit-responsive investment contracts
    
    
    (1,315,440
    )
    
    
    1,581,267Net assets available for benefits
    
    $
    204,481,047
    
    
    $
    180,231,083
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Penske Automotive Group 401(k) Savings and Retirement Plan
 
 Statement of Changes in Net Assets Available for Benefits
 Year Ended December 31, 2010
 Investment income:Net appreciation in fair value of investments
    
    $
    17,549,530Interest and dividends
    
    
    930,774Net investment income
    
    
    18,480,304Contributions:Participant contributions
    
    
    19,197,230Employer contributions
    
    
    3,775,825Participant rollovers
    
    
    779,733Total contributions
    
    
    23,752,788Distributions to participants
    
    
    (17,459,934
    )Administration fees
    
    
    (523,194
    )Increase in net assets
    
    
    24,249,964Net assets available for benefits, beginning of year
    
    
    180,231,083Net assets available for benefits, end of year
    
    $
    204,481,047
   3




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Penske Automotive Group 401(k) Savings and Retirement Plan
 
 Notes to Financial Statements
 1. Description of the Plan
             4




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2. Significant Accounting Policies
      5




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6




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3. Investments
  2010
    
    
    2009Wells Fargo Stable Return Fund G
    
    $
    68,839,662
    
    
    $
    Wachovia Bank, N.A. Diversified Stable Value Fund
    
    
    
    
    
    
    69,736,794Penske Automotive Group Common Stock
    
    
    22,163,571
    
    
    
    19,330,030Neuberger & Berman Genesis Fund (1)
    
    
    10,572,779
    
    
    
    8,800,243Pimco Total Return
    
    
    10,193,851
    
    
    
    9,126,412
 (1)
    
    Investment did not represent 5% or more of the Plans net assets in
2009, but is presented for comparative purposes.
  Mutual funds
    
    $
    12,138,045Penske Automotive Group Common Stock
    
    
    3,021,729Common collective trusts
    
    
    2,389,756Net appreciation in fair value of investments
    
    $
    17,549,530
 4. Fair Value Measurements
  Level 1:
    
    Inputs are unadjusted quoted prices in active markets for identical assets
or liabilities that the reporting entity has the ability to access at the measurement
date.Level 2:
    
    Inputs are observable inputs other than quoted (Level 1) prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially
the full term of the assets or liabilities.Level 3:
    
    Unobservable inputs that are supported by little or no market activity and
that are significant to the fair value of the assets or liabilities.
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As of December 31, 2010Fair Value Measurement UsingTotalFair Value
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Common collective trust funds:Fixed*
    
    $
    68,839,662
    
    
    $
    
    
    
    $
    68,839,662
    
    
    $
    Equity
    
    
    4,961,241
    
    
    
    
    
    
    
    4,961,241
    
    
    
    Common Stock:Employer Securities
    
    
    22,163,571
    
    
    
    22,163,571
    
    
    
    
    
    
    
    Mutual Funds:Large Cap Value
    
    
    17,251,012
    
    
    
    7,057,161
    
    
    
    10,193,851
    
    
    
    Large Cap Growth
    
    
    8,038,151
    
    
    
    8,038,151
    
    
    
    
    
    
    
    Mid Cap Growth
    
    
    14,475,780
    
    
    
    6,694,147
    
    
    
    7,781,633
    
    
    
    Mid Cap Value
    
    
    5,272,944
    
    
    
    5,272,944
    
    
    
    
    
    
    
    Small Cap Blend
    
    
    10,572,779
    
    
    
    10,572,779
    
    
    
    
    
    
    
    Small Cap Growth
    
    
    1,677,578
    
    
    
    
    
    
    
    1,677,578
    
    
    
    Foreign Large Blend
    
    
    15,093,772
    
    
    
    15,093,772
    
    
    
    
    
    
    
    Target Retirement
    
    
    24,443,550
    
    
    
    
    
    
    
    24,443,550
    
    
    
    Total
    
    $
    192,790,040
    
    
    $
    74,892,525
    
    
    $
    117,897,515
    
    
    $
    
 *
    
    Amount represents the fair value of the Wells Fargo Stable Return Fund G. The contract value of
this investment (the amount available for Plan benefits) was $67,524,222.
 As of December 31, 2009Fair Value Measurement UsingTotalFair Value
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Common collective trust funds:Fixed*
    
    $
    69,736,794
    
    
    $
    
    
    
    $
    69,736,794
    
    
    $
    Equity
    
    
    4,192,677
    
    
    
    
    
    
    
    4,192,677
    
    
    
    Common Stock:Employer Securities
    
    
    19,330,030
    
    
    
    19,330,030
    
    
    
    
    
    
    
    Mutual Funds:Large Cap Value
    
    
    15,542,941
    
    
    
    6,416,529
    
    
    
    9,126,412
    
    
    
    Large Cap Growth
    
    
    7,288,908
    
    
    
    7,288,908
    
    
    
    
    
    
    
    Mid Cap Growth
    
    
    11,776,594
    
    
    
    5,399,635
    
    
    
    6,376,959
    
    
    
    Mid Cap Value
    
    
    4,214,371
    
    
    
    4,214,371
    
    
    
    
    
    
    
    Small Cap Blend
    
    
    8,800,243
    
    
    
    8,800,243
    
    
    
    
    
    
    
    Small Cap Growth
    
    
    1,133,194
    
    
    
    
    
    
    
    1,133,194
    
    
    
    Foreign Large Blend
    
    
    13,952,740
    
    
    
    13,952,740
    
    
    
    
    
    
    
    Target Retirement
    
    
    11,826,001
    
    
    
    
    
    
    
    11,826,001
    
    
    
    Total
    
    $
    167,794,493
    
    
    $
    65,402,456
    
    
    $
    102,392,037
    
    
    $
    
 *
    
    Amount represents the fair value of the Wachovia Bank, N.A. Diversified Stable Value Fund. The
contract value of this investment (the amount available for Plan benefits) was $71,318,061.
  8




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5. Exempt Party-in-Interest Transactions
  6. Plan Termination
  7. Federal Income Tax Status
  8. Plan Amendments
  9. Reconciliation of Financial Statements to Form 5500
  2010
    
    
    2009Net assets available for benefits per the financial statements
    
    $
    204,481,047
    
    
    $
    180,231,083Less:Participant contributions receivable
    
    
    2,036,382
    
    
    
    1,655,421Employer contributions receivable
    
    
    1,138,524
    
    
    
    Plus:Participant refunds payable
    
    
    91,304
    
    
    
    282,376Net assets available for benefits per the Form 5500
    
    $
    201,397,445
    
    
    $
    178,858,038
  9




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Total contributions per the financial statements
    
    $
    23,752,788Add:Contributions receivable  December 31, 2009
    
    
    1,655,421Less:Contributions receivable  December 31, 2010
    
    
    3,174,906Total contributions per the Form 5500
    
    $
    22,233,303
  Total distributions per the financial statements
    
    $
    17,459,934Add:Participant refunds payable  December 31, 2009
    
    
    282,376Less:Participant refunds payable  December 31, 2010
    
    
    91,304Total distributions per the Form 5500
    
    $
    17,651,006
  10




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Penske Automotive Group 401(k) Savings and Retirement Plan
 
 Form 5500, Schedule H, Part IV, Line 4i  Schedule of Assets (Held at End of Year)
 As of December 31, 2010
 
 Description of Investment Including Maturity Date, Rate of Interest,Collateral, Par or Maturity Value
    
    Current ValueCOMMON COLLECTIVE TRUST FUNDS* WELLS FARGO STABLE RETURN FUND G
    
    $
    67,524,222* WELLS FARGO ENHANCED STOCK MARKET FUND
    
    
    4,961,241TOTAL COMMON COLLECTIVE TRUST FUNDS
    
    
    72,485,463EMPLOYER SECURITIES* PENSKE AUTOMOTIVE COMMON STOCK FUND
    
    
    22,163,571OUTSIDE COLLECTIVE FUNDSSSGA S&P MIDCAP INDEX
    
    
    7,781,633MUTUAL FUNDSNEUBERGER & BERMAN GENESIS FUND
    
    
    10,572,779PIMCO TOTAL RETURN CLA
    
    
    10,193,851AMERICAN EUROPACIFIC GROWTH FUND
    
    
    9,415,788AMERICAN GROWTH FUND OF AMERICA
    
    
    8,038,151EATON VANCE LARGE CAP VALUE
    
    
    7,057,161GOLDMAN SACHS GROWTH
    
    
    6,694,147THORNBURG INTERNATIONAL VALUE FUND
    
    
    5,677,984T ROWE PRICE MIDCAP VALUE FUND
    
    
    5,272,944SSGA TARGET RETIREMENT 2025 NON LENDING
    
    
    3,922,414SSGA TARGET RETIREMENT 2030 NON LENDING
    
    
    3,541,958SSGA TARGET RETIREMENT 2020 NON LENDING
    
    
    3,237,615SSGA TARGET RETIREMENT 2035 NON LENDING
    
    
    2,781,754SSGA TARGET RETIREMENT 2040 NON LENDING
    
    
    2,607,743SSGA TARGET RETIREMENT 2045 NON LENDING
    
    
    2,425,974SSGA TARGET RETIREMENT 2050 NON LENDING
    
    
    1,900,385SSGA TARGET RETIREMENT 2015 NON LENDING
    
    
    1,844,480STATE STREET RUSSELL 2000 INDEX
    
    
    1,677,578SSGA TARGET RETIREMENT 2010 NON LENDING
    
    
    1,468,036SSGA TARGET RETIREMENT INCOME NON LENDING
    
    
    331,204SSGA PASSIVE BOND MARKET INDEX NON LENDING
    
    
    261,817SSGA DAILY EAFE INDEX NON LENDING
    
    
    120,170TOTAL MUTUAL FUNDS
    
    
    89,043,933* PARTICIPANT LOANS (MATURING 2011 TO 2025 AT INTEREST RATES OF 4.5% - 10.5%)
    
    
    9,922,818TOTAL
    
    $
    201,397,418
 *
    
    Represents a party-in-interest to the plan
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Signatures
  Penske Automotive Group 401(k) Savings and 
Retirement PlanDate: June 29, 2011
    By:
    /s/ Calvin C. SharpChairman Employee Benefits Committee of the Plan  12




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EXHIBIT INDEX
 EXHIBIT NO.
    
    DESCRIPTIONEX-23
    
    Consent of Independent Registered Public Accounting Firm
  13